BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Cuts Stake in Lumen Technologies, Inc. (NYSE:LUMN)

Posted by on Jun 5th, 2023

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lowered its stake in shares of Lumen Technologies, Inc. (NYSE:LUMN – Get Rating) by 10.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 82,027 shares of the technology company’s stock after selling 9,955 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Lumen Technologies were worth $428,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of LUMN. Silvant Capital Management LLC boosted its holdings in Lumen Technologies by 256.5% in the 4th quarter. Silvant Capital Management LLC now owns 5,907 shares of the technology company’s stock valued at $31,000 after purchasing an additional 4,250 shares during the last quarter. Blume Capital Management Inc. purchased a new stake in shares of Lumen Technologies in the 4th quarter valued at approximately $39,000. EWG Elevate Inc. purchased a new stake in shares of Lumen Technologies in the 4th quarter valued at approximately $41,000. Creative Financial Designs Inc. ADV grew its position in shares of Lumen Technologies by 501.5% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 8,036 shares of the technology company’s stock valued at $42,000 after buying an additional 6,700 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in shares of Lumen Technologies by 304.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 9,113 shares of the technology company’s stock valued at $48,000 after buying an additional 6,861 shares during the last quarter. Hedge funds and other institutional investors own 76.03% of the company’s stock.

Lumen Technologies Trading Up 3.1 %

Shares of LUMN opened at $2.01 on Monday. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.11 and a current ratio of 1.11. The company has a 50-day moving average of $2.31 and a two-hundred day moving average of $3.83. Lumen Technologies, Inc. has a 12-month low of $1.85 and a 12-month high of $11.89.

Lumen Technologies (NYSE:LUMN – Get Rating) last announced its earnings results on Tuesday, May 2nd. The technology company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.02). The business had revenue of $3.74 billion for the quarter, compared to analyst estimates of $3.73 billion. Lumen Technologies had a positive return on equity of 8.87% and a negative net margin of 9.89%. The business’s revenue was down 20.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.63 EPS. As a group, equities research analysts expect that Lumen Technologies, Inc. will post 0.4 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on LUMN. The Goldman Sachs Group decreased their price target on shares of Lumen Technologies from $6.00 to $4.00 and set a “neutral” rating for the company in a research note on Wednesday, February 8th. Bank of America lowered their target price on shares of Lumen Technologies from $4.00 to $2.00 in a report on Thursday, May 4th. Morgan Stanley lowered their target price on shares of Lumen Technologies from $6.00 to $2.50 and set an “underweight” rating on the stock in a report on Monday, March 13th. TheStreet downgraded shares of Lumen Technologies from a “c” rating to a “d” rating in a report on Tuesday, February 7th. Finally, Citigroup downgraded shares of Lumen Technologies from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $6.25 to $3.50 in a report on Wednesday, February 8th. Three research analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $5.11.

About Lumen Technologies

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Lumen Technologies, Inc is an investment holding company, which engages in the provision of integrated communications to residential and business customers. It operates through the following segments: Business and Mass Markets. Business segment provides products and services under four sales channels to enterprise and commercial customers.

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Institutional Ownership by Quarter for Lumen Technologies (NYSE:LUMN)

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